8)
Jtrota:
Actually the condominium concept has been around from at least the period of the ancient roman empire, and some would argue, since ancient babylon. In this country, we copied what had been used for some time on the island of Puerto Rico. There have been sone excellent articles concerning this concept. The Fannie Mae concept only applies to one type of a condominium, a high rise where you own only the air space inside the unit. It does not matter if there is a unit description, a legal description showing an individual site with a detached property on it or any variation you can conceive of. The key is the condominium documents that establish a condominium form of ownership. In the documents it will describe the real estate and real property rights, as well as those rights held in common with others, and limited common elements that are for the exclusive use of the individual condominium owner such as but not limited to:
Porches, balconies,parking spaces, boat slips, storage areas and/or units,etc,etc.
In one days time in my part of the country I could show you 20 different variations. Everything from a high rise condo such as Fannie Mae describes to a 1950's era motel converted to a condo, to single family detached condos, to manufactured double wide homes that are condo units, to a 2 unit condo, where there is one owner of both units, to high rise hotels where each room is a condo unit with a right to occupancy by the owner of just 14 days a year. This concept is not hard to understand, it is a form of ownership, not an architectural style.
Don